Over the last 5 or six years …Papaya Global San Francisco Payroll Tax… roles on the provider side and likewise on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies keep different
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different savings account for payroll in different nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of factors most notably guidelines compliance data security and banking rules then there are the large numbers they add further intricacy the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll model there’s frequently an overwhelming number of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or very very basic there’s no real consistency structure we’re living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a picture they see a lack of presence also encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of global services have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors badly communicated hires and terminations along with lack management and system configurations and after that when you round everything off and the data is delivered to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they count on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s a good question I always toss this back and say what is it what does not require to be consisted of best and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to type of move on with that it also as well to add to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely crucial that payroll and financing groups work better together than ever um I’m always impressed when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to contribute to sort of the level of intricacy there’s increasingly more advantages being organ or being used by businesses throughout the world so once again you’re simply aiming to include increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real challenges or genuine difficult kind of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s in fact handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to create extra handoffs in the processes that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any business has from an expense perspective from an impact perspective on staff members it is definitely important that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging effect on people’s well-being and many other elements if individuals aren’t paid uh I’ve always been astonished entering this Market type of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only see when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally too. Therefore, it is essential to make sure that jobs like Wi-Fi Worldwide and other important matters are done correctly. Using the first Global Payments very first payroll payment solution is a fantastic initial action towards offering a comprehensive payroll solution for employees worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and bank accounts required for international payroll are key factors in achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyhow we know how how essential a function it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everyone that’s involved in those procedures and also so picture sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and sort of shot to return to everyone so carrying on appearance why do business choose to primary different checking account there are Papaya Global San Francisco Payroll Tax companies out there doing precisely this for specific countries and I have actually worked in a company or many services doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we don’t need to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I think people have got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires altering however eventually people are really stuck to what they recognize
with ideal um modification is a tough thing all of us do not like change um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having preserving numerous checking account but there’s a substantial quantity of complexity opts for establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private individuals so the intricacy is huge however I think the honest response is change um individuals have not been able to alter or have not had always the knowledge to really make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century or two there is a lot to keep track of and this approach does posture several difficulties um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global San Francisco Payroll Tax